Fla. again denies State Farm increase for storms
Published: Monday, January 12, 2009 at 4:50 p.m.
Last Modified: Monday, January 12, 2009 at 4:50 p.m.
TALLAHASSEE, Fla. -- The state insurance commissioner has again denied State Farm Florida's proposed 47 percent rate increase for property coverage against hurricanes and other perils.
Commissioner Kevin McCarty issued a final denial Monday. McCarty previously denied the increase but State Farm appealed.
An administrative law judge then also denied the increase, sending the matter back to McCarty.
The Florida-only affiliate of Illinois-based State Farm Insurance Co. now has 30 days to take the case to the 1st District Court of Appeal. A State Farm spokesman said no decision has yet been made but the company will long strongly at that option.
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